The IMD’s World Talent Ranking 2024 assesses nations based on their ability to develop, retain, and attract highly qualified domestic and international talent
The IMD’s recent World Talent Ranking 2024 shows that among the top ten talent hubs, Switzerland excels in investment, development, and appeal factors while maintaining high standards in quality of life, health infrastructure, educational attainment, statutory minimum wage, and foreign personnel attraction.
Following Switzerland, Singapore claims the second position, having risen from 18th place in 2014, marking a notable challenge to Switzerland’s long-standing supremacy. Singapore’s success is attributed to its rich talent pool, characterised by minimal discrimination, and a strong availability of skilled labour and financial expertise. Hong Kong ranks ninth, reinforcing Asia’s presence in the competitive landscape.
The US, however, has experienced a decline, falling six spots to 21st place. Contributing factors include rising costs of living and personal income tax rates, reflecting its overall appeal and readiness.
The IMD’s recent World Talent Ranking 2024 assesses nations based on their ability to develop, retain, and attract highly qualified domestic and international talent, thereby gauging their long-term value-creation capabilities. This year’s ranking highlighted that European countries dominate the top tier, with Switzerland leading the way, thanks to its exceptional talent competitiveness.
Top ten countries in the 2024 World Talent Ranking are as follows:
1. Switzerland: 100
2. Singapore: 85.65
3. Luxembourg: 81.69
4. Sweden: 81.02
5. Denmark: 78.49
6. Iceland: 77.94
7. Norway: 77.92
8. Netherlands: 77.88
9. Hong Kong SAR: 77.22
10. Austria: 77.17
India’s position in global talent competitiveness
India finds itself ranked 58th globally, with a talent score of 40.47, a decline from last year’s 56th position and a significant drop from 52nd in 2022. The 2024 World Talent Ranking reveals a mixed performance, with India’s overall rank falling as it struggles with readiness and investment development metrics.
While the country’s appeal remains relatively stable, its readiness score has dropped from 18 in 2022 to 25 in 2024, and its investment and development score fell from 61 in 2022 to 66 in 2024. This indicates an urgent need for India to improve its investment climate and talent development strategies to bolster its competitiveness in the global talent arena, the survey added.
First Published: Sep 26 2024 | 4:28 PM IST